PROVIDENCE – Capital Good Fund has launched its Georgia Building, Renewables, Investing in Green, Healthy, Thriving Communities, or Georgia BRIGHT, pilot solar leasing program to expand solar access, the nonprofit community development finance institution announced.
More than 200 low- and moderate-income, or LMI, homeowners making less than $100,000 a year in Georgia, one of the top five states in the country with the highest low-income energy burden, will be able to lease solar systems that Capital Good Fund owns and maintains, according to a news release.
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The average family stands to save 20% on energy costs a month. To qualify, homeowners must have a roof in good condition and meet certain income requirements, with no minimum credit score required.
The program will be available to Georgia families living in Metro Atlanta, Greater Savannah, Fulton County, Athens and Dekalb County.
“Georgia BRIGHT is a discount solar lease program that saves LMI homeowners money starting day one,” Capital Good Fund Chief Business Officer Aisha Bussey said in a statement. “Because it is a lease program, there is no upfront cost and families do not pay to install or maintain the panels.”
The program is made possible by the Inflation Reduction Act, which allows nonprofits to use tax credits to reduce the cost of solar panels for low- to moderate-income homeowners. Grants and other financial support have been secured from various organizations, including $1 million from the Arthur M. Blank Family Foundation, to aid in the setup of the program.
Capital Good Fund is working with local installers Sunpath Solar, Better Tomorrow Solar and Be Smart Home Solutions, which will handle the engineering, permitting and construction.
“Our organizations are passionate about making solar accessible to all,” Seth Gunning, principal at Sunpath Solar, said in a statement. “We are all thrilled to partner with Capital Good Fund on this transformative initiative and look forward to the positive impact it will have on the Georgia community.”
As a part of this program, this collective of engineering, permitting and construction companies will be providing employment opportunities and training from within the low-and moderate-income communities in which the solar systems will be installed, according to the release.
Lower-income earners, families of color and senior citizens spend disproportionately more of their income on utilities without the means to compensate when their bills go up, according to the Capital Good Fund.
“Solar has been largely inaccessible to low-income communities,” Andy Posner, CEO and president of Capital Good Fund, said in a statement. “If no one is giving them the opportunity, you’re increasing that income gap, because the wealthiest people will access it and further increase their wealth profile.”
More than a third of Georgia households are either experiencing energy poverty, where more than 10% of their income is spent on utility bills, or are considered overburdened, spending more than 6% on utility bills, according to the release. In Georgia, average household energy bills were 14% higher than the national average from 2010-2021 and upcoming utility rate hikes are expected to increase bills by an average of nearly $48 over the next two years.
